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Why Hormel Foods Stock Popped Today

TheMotleyFool

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Why Hormel Foods Stock Popped TodayPhoto, wide shot, wide-angle lens, Laundry service, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.theapi.app/temp/7d06f1e2-46d1-4cac-90e0-6cc2313e43fe.png

Shares of Hormel Foods (NYSE: HRL) jumped 14.6% on Thursday after the food processing company announced stronger-than-expected quarterly results.

For its fiscal first-quarter 2024 ended Jan. 28, 2024, Hormel's quarterly net sales grew 0.9% year over year to $2.997 billion, translating to adjusted (non-GAAP) net income of $226.8 million, or $0.41 per share. Analysts, on average, were only expecting earnings of $0.34 per share on revenue of $2.91 billion.

Hormel also made substantial progress bolstering its cash flows; operating cash flow soared 98% year over year during the quarter to $404 million.

Source Fool.com

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